Ronaldinho is the latest soccer star to promote Water Coin on Instagram, a Solana-based meme coin Earlier this week, soccer legend Lionel Messi promoted Water Coin on his Instagram Stories The price of Water Coin rose nearly 40% to $0.0012 Water Coin claims it’s focusing on water-related issues and sustainable projects

Soccer legend Ronaldinho Gaúcho has become the latest to promote the Solana-based meme token Water Coin on his Instagram account. On social media, the Brazilian retired soccer star posted a story to his 76.6 million followers showing a photo of him with the Water Coin’s mascot peering over his shoulder. It also tagged the project’s Instagram account. Following Ronaldinho’s post, Water Coin’s price rose nearly 40% to $0.0012. The excitement didn’t last long, and at the time of publication, Water Coin’s price had levelled at around $0.00088, CoinMarketCap data shows. Ronaldinho’s post follows that of another football legend, Lionel Messi. Earlier this week, the Argentinian player promoted Water Coin on his Instagram Stories. Like Ronaldinho, Messi showed a picture of himself with the meme coin’s mascot peeking over his shoulder, along with tagging the project’s Instagram account. Notably, one of the exchanges listing the Water token is Bitget, a company Messi has been partnered with since 2022. Facing Criticism According to its website, the charity token “aims to have a net-positive impact on [the] real world with the help of charity.” However, it doesn’t state how it will achieve this. Despite the promotion from several well-known soccer players, some have met their posts with criticism. Taking to X, analyst @ericonomics wrote of Messi that this was the “third token scam” that he’s promoted, adding “this time it’s Water. They will probably rug soon so make yourself a favour and don’t buy that sh*t.” “The first one was Leafty, which was a rug (they removed the liquidity like 5 days later lol),” @ericonomics wrote. “The second one was PLANET, a slow rug that is like -90% since that promotion.” Similarly, this isn’t the first time Ronaldinho has been connected with a controversial crypto project. Last August, he appeared before a Brazilian parliamentary committee inquiry over an alleged $61m crypto pyramid scheme that used his likeness without permission. The scheme, “18kRonaldinho, used images of the soccer star in its marketing while promising investors a 2% daily return. During the inquiry, Ronaldinho denied any involvement, claiming he never partnered with the company.

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CertiK has revealed that two CoinStats exploit wallets have moved 311 ETH ($959K) to Tornado Cash. CoinStats breach on June 22 affected 1,590 wallets after AWS was hacked via social engineering. CoinStats resumed full operations on July 3 amid intense investigations.

Blockchain security firm CertiK has revealed that two wallets linked to the recent CoinStats exploit transferred 311 ETH, worth about $959,000, to Tornado Cash. The security breach, which occurred on June 22, affected 1,590 crypto wallets managed by CoinStats resulting in the company promptly suspending user activity and shutting down the application to isolate the security incident. CoinStats still conducting investigations into the incident Since the breach, CoinStats has been taking significant steps to secure its platform. On June 30, the company announced that it was optimizing its transaction database and transitioning to a new platform aimed at enhancing efficiency and reliability. It also said that upgrades and audits were underway to bolster the security of their systems.

After a period of intense scrutiny and effort to address the vulnerabilities, the company on July 3 announced that its app had recovered full functionality.

The most recent update from CoinStats, as of today, stated that the investigation is ongoing. The firm is committed to ensuring that its new infrastructure is robust and secure, promising to share additional information, including victim support measures, soon. Movement of funds to Tornado Cash raises alarm Even as the investigations continue, the movement of 311 ETH by the exploiters to Tornado Cash by the exploited wallets has raised alarm bells. Tornado Cash, a cryptocurrency mixing protocol, anonymizes transactions by combining identifiable funds with many others, making it a favored tool for laundering illicit gains. CertiK’s report highlighted that one wallet transferred 211 ETH, while another sent 100 ETH to the mixer. The community has reacted strongly to the breach, with some users reporting significant losses. One wallet allegedly lost almost $9 million in Maker (MKR), underscoring the severe impact of the exploit. However, CoinStats has been transparent in its communication, detailing the steps taken to mitigate the attack and improve security.

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